China's bankcard spending increases

Chinese bankcard spending surged as travel-related expenditures and shopping increased during the New Year.

Domestic cross-bank transaction volume jumped 38 percent from a year earlier, said China UnionPay, the country's sole bankcard transaction firm.

Overseas spending grew 23 percent with Southeast Asia a popular destination, UnionPay said.

Travel-related expenditures boomed as more people took short trips during the three-day holiday.

Tourist attractions saw tickets purchased with bankcards doubled during the holiday from Tuesday to Thursday, and spending at travel agencies increased 68 percent.